Senior Citizens Health Insurance - Buying Guidelines

It is a known fact that old-aged people are more susceptible to various diseases. And hence you must buy a health insurance policy for your parents and grandparents. Senior citizen health insurance is no longer a thing of the past or no more difficult to get. Today, several insurance companies in India offer special health insurance policies for senior citizens. But, before you purchase a policy for senior citizens, these are the following tips that you need to keep in mind:

Age –

As with any other health insurance policy, age plays an important role while purchasing a policy for senior citizens. Some plans have a limitation set at 65, which means you cannot buy insurance if the person is more than 65 years old. But some plans offer entry up to 80 years. If you are buying a health insurance policy for any old-aged family member, the ideal plan is the one that has no age restrictions and allows free entry at any point.

Sum Assured –

Senior citizens are always at risk of suffering from various health issues. Frequenting hospitals at that age is not uncommon either. That’s why it is important the medical insurance for senior citizens has a higher sum assured. Having a decent-sized sum assured will help the person cover most medical treatments.

Illness Coverage –

An insurance policy that has comprehensive coverage for all sorts of diseases like critical, hereditary, etc. is the ideal type of policy for senior citizens. 

Co-pay

You can consider this option in case the insurance company rejects the sum assured you wish to apply. In a co-pay insurance, the insured pays a certain percentage of the claim, and the insurance company bears the rest of the amount. This feature benefits both the insurer and the insured.

Waiting Period –

When you buy a health insurance policy, it always comes with a waiting period. A waiting period can go up to 4 years but during that time if the insured falls ill, then there is no point in getting a policy. That’s why it is important to get an insurance policy for senior citizens with the least amount of waiting period.

More Network Hospitals –

For senior citizens, it is important to opt for a policy that has a wider network than usual. Since any case with them is delicate, it is important that you don’t have to travel to far to treat them. An ideal health insurance policy is the one that has partner hospitals in almost every area.

Premium –

Given the claim requests and the risks attached to a senior citizen’s health insurance policy, the premium that will be quoted by the insurer will be high. Also, keeping in mind that the sum assured too stays high. So, if you are opting for a policy that has a higher premium amount, ensure that policy also offers returns of the same magnitude.

These are some basic guidelines that you must follow while getting a policy for your parents. Being mindful of these pointers will only get you the best available option for your dear ones.